Prepared Exclusively for Reign Investments, LLC
Reign Investments, LLC · July 2026
Since 2013, the LAAA Team has closed 460+ multifamily transactions totaling $1.47B+ in volume across Los Angeles, Ventura, and Santa Barbara counties, with deep, block-by-block coverage of the central San Fernando Valley — Van Nuys, Sherman Oaks, Valley Glen, and North Hollywood.
Our practice is built on disciplined underwriting, the deepest comparable-sales dataset in the submarket, and a marketing engine that reaches every active multifamily buyer in Los Angeles. We advise owners on when and how to sell — not just whether — and we price to clear, not to languish.
For 13724 Victory Blvd, that means an evidence-based opinion of value anchored in the small set of post-2010 Valley apartment trades and the active mid-size listings competing for the same buyer, presented with the same rigor we would bring to defending the price against a buyer's due-diligence challenge.
• Chairman's Club — Marcus & Millichap's top-tier annual honor
• National Achievement Award — multiple years, both partners
• #1 Most Active Multifamily Team in LA County — CoStar 2019-2021
• Sales Recognition Award — every year since 2016
• 40+ transactions per year — one of SoCal's most active groups
13724 Victory Blvd is a 68-unit, 2020-construction apartment community in central Van Nuys — four residential floors over gated podium parking, elevator-served, with a furnished resident lounge and a landscaped rooftop deck. The unit mix is 40 one-bedrooms, 16 two-bed/two-bath, and 12 three-bed/two-bath units averaging 832 SF.
The asset is professionally managed (LBPM) with a full on-site staff, RUBS utility recovery in place, and 60 of 68 units occupied at a scheduled $139,701 per month. Eight vacant units — plus two evictions already resolved or in process — give an incoming buyer immediate lease-up income with no renovation capital required.
By its 2020 vintage the property is exempt from the LA Rent Stabilization Ordinance and from AB 1482's state rent caps through 2035, with only four income-restricted units. At the recommended $22,900,000 the deal underwrites to a 5.50% cap — a yield profile that simply does not exist in coastal or south-Valley new construction.
The subject sits on Victory Blvd just west of Woodman Ave in central Van Nuys, the geographic and civic heart of the San Fernando Valley. The Van Nuys Civic Center — one of the largest government employment hubs outside Downtown — the Van Nuys courthouse, and the Valley Municipal Building are all within two miles, alongside the retail corridors of Van Nuys Blvd and Victory Blvd.
Transit access is a genuine amenity here: the Metro G (Orange) Line busway's Woodman station is about a mile away, connecting to the B Line subway in North Hollywood, and the under-construction East San Fernando Valley Light Rail on Van Nuys Blvd will add 14 stations of rail service. Drivers reach the 101, 405, and 170 freeways in under ten minutes.
The renter pool draws from Valley Glen and Sherman Oaks spillover, LA Valley College (2 miles), Van Nuys Airport employment, and the entertainment-industry workforce priced out of Studio City and NoHo. New-construction product with this amenity set remains scarce in the 91401 corridor — the subject competes primarily against 1960s-70s stock renting $300-$500 below its posted rents.
| Location Details | |
|---|---|
| Submarket | Van Nuys (central SFV) |
| ZIP | 91401 |
| APN | 2239-006-043 |
| Major Employers | Van Nuys Civic Center, Van Nuys Airport, Kaiser Panorama City |
| Education | LA Valley College (2 mi) |
| Transit | Metro G Line · Woodman Stn ~1 mi; ESFV Light Rail (u/c) |
| Freeway Access | 101 / 405 / 170 |
| Property Overview | |
|---|---|
| Units | 68 |
| Year Built | 2020 |
| Building SF | 66,796 (gross) |
| Rentable Unit SF | 56,600 |
| Stories | Four residential floors over podium parking |
| Elevator | Yes (Otis service contract) |
| Occupancy | 60 of 68 (88%) as of 6/30/26 |
| Site | |
|---|---|
| APN | 2239-006-043 |
| Lot Size | 24,829 SF (0.57 ac) |
| Parking | Gated podium garage; tandem spaces rented at $150/mo |
| Amenities | Rooftop deck, resident lounge, controlled access |
| Owner Entity | Reign Investments, LLC |
| Regulatory & Utilities | |
|---|---|
| Rent Control (RSO) | Exempt (2020 build) |
| AB 1482 | Exempt through 2035 (<15 yrs) |
| Affordable Covenant | 4 income-restricted (LI) units: 202, 306, 403, 411 |
| Utility Recovery | RUBS in place (water, hot water, trash, admin) |
| Owner Pays | Master water/sewer, trash, common electric & gas (LADWP/SoCalGas) |
| Tenant Pays | In-unit electric + RUBS reimbursements |
| Laundry / Water Heat | In-unit washer/dryers; central boiler |
| Unit Mix (market rents per LBPM 6/30/26) | |
|---|---|
| 37 x 1 BD / 1 BA | 671 SF · avg market $2,038 |
| 3 x 1 BD / 1 BA (LI) | 671 SF · restricted $925 |
| 15 x 2 BD / 2 BA | 1,035 SF · avg market $2,739 |
| 1 x 2 BD / 2 BA (LI) | 1,035 SF · restricted $1,041 |
| 12 x 3 BD / 2 BA | 1,100 SF · avg market $2,870 |
Photos and floor plans per the property's leasing site (LBPM). Floor plans are illustrative; dimensions approximate.
1031 Exchange Buyers
Owners trading out of older, RSO-encumbered LA stock into a 2020 build with unrestricted rents, no seismic retrofit exposure, and a full amenity package — at a per-unit basis below what older product asks on the Westside.
Private Syndicators & Family Offices
Groups seeking near-6% going-in yield on institutional-quality new construction, with a visible lease-up story (8 vacants) instead of a renovation program.
Out-of-State & International Capital
Buyers who want LA new construction with elevator, podium parking, and professional management already in place — a true arms-length, turnkey operation at a Valley basis.
A 68-unit, non-RSO, 2020-vintage asset under $21M is a rare combination in Los Angeles; the buyer pool spans private and institutional-lite capital.
"The seller's trailing expenses run higher than the pro forma."
Correct — the trailing statements carry ~$126K of staffing and above-normal maintenance for a 2020 build. The underwriting normalizes to a single $60K on-site manager, $500/unit repairs, and 3.5% management — the cost structure a market buyer actually operates at. Every utility, insurance, and contract-service line remains at trailing actuals.
"Occupancy is only 88% with delinquency on the roll."
The 3% vacancy underwriting is applied on top of carrying the 8 vacant units at market. Of the $38,790 receivable, the largest balance (PH14) was resolved by a completed eviction with a 7/15/26 move-out, a second is in process, and a third tenant appears to have vacated. The heavy lifting is done; the buyer inherits clean units to lease.
"The property was previously marketed at $24M."
That was a late-2024 ask into a different rate environment, and it did not clear. The $22.9M recommendation is set against 2025-26 closed trades — every post-2010 comp since 1/1/25 sold between $328K and $538K per unit; the subject is priced at the very bottom of that band.
"Four LI units cap the upside."
The four restricted units (6% of the roll) are carried at their actual restricted rents in the underwriting — no phantom market rent. The remaining 64 units are fully unrestricted.
| Address | Submarket | Yr | Units | Sale Price | $/Unit | $/SF | Dist | Sold |
|---|---|---|---|---|---|---|---|---|
| 4940 Paso Robles Ave · photos ↗ | Encino | 2013 | 52 | $28,000,000 | $538,462 | $367 | 4.4 mi | May 2026 |
| 111 N Louise St · photos ↗ | Glendale | 2018 | 65 | $33,500,000 | $515,385 | $435 | 10.6 mi | Jul 2025 |
| 1550 N El Centro Ave · photos ↗ | Hollywood | 2016 | 200 | $99,000,000 | $495,000 | $374 | 8.7 mi | Apr 2026 |
| 7203 N Rubio Ave · photos ↗ | Van Nuys | 2013 | 29 | $9,500,000 | $327,586 | $290 | 3.8 mi | Jul 2026 |
| 119 S Los Robles Ave · photos ↗ | Pasadena | 2015 | 50 | $22,000,000 | $440,000 | $364 | 16.9 mi | 2026 |
| Median (5 sold comps) | $28,000,000 | $495,000 | $367 | - | - | |||
1. 4940 Paso Robles Ave, Encino — The most comparable trade by scale and vintage: 52 units of 2013 construction, sold May 2026 at $538,462/unit and $367/SF. Encino carries a location premium over Van Nuys, but the sale proves deep buyer demand for 50+ unit newer Valley product at levels far above the subject's pricing.
2. 111 N Louise St, Glendale — 65 units, 2018 build — nearly identical scale to the subject — sold July 2025 at $515,385/unit and $435/SF. The Glendale institutional bid frames what the subject's size class commands in premium Tri-Cities locations.
3. 1550 N El Centro Ave, Hollywood — The institutional bookend: 200 units of 2016 construction at $495,000/unit ($374/SF) in April 2026. Confirms large-scale new-vintage LA product still clears at roughly $500K/unit even in a higher-rate market.
4. 7203 N Rubio Ave, Van Nuys — The closest new-vintage comp by geography: 29 units (2013) at $327,586/unit and $290/SF, closed July 2026. The subject — larger, newer, and amenity-richer — is priced at $337K/unit, within 3% of this smaller, older asset's per-unit print.
5. 119 S Los Robles Ave, Pasadena — The freshest datapoint: 50 units of 2015 construction, marketed at $26,000,000 and closed in 2026 at $22,000,000 — $440,000/unit and $364/SF. Near-identical scale to the subject, it marks where new-vintage 50-unit product actually clears versus its ask — and it still printed 31% above the subject on a per-unit basis.
Cap rates were not publicly disclosed on these trades; the reconciliation therefore runs on $/unit and $/SF, with the subject's own 5.50% underwritten yield as the cross-check.
| Address | Submarket | Yr | Units | List Price | $/Unit | $/SF | Status |
|---|---|---|---|---|---|---|---|
| 10455 Magnolia Blvd OM ↗ | North Hollywood | 2016 | 26 | $9,200,000 | $353,846 | $389 | Active · LAAA / M&M |
| 10555 Bloomfield St · The Centennial OM ↗ | Toluca Lake | 2023 | 57 | $24,000,000 | $421,053 | $289 | Active · Northmarq |
| Average (2 active comps) | $16,600,000 | $387,450 | $339 | - | |||
Restricting the competitive set to buildings constructed in the last 15 years leaves exactly two active listings competing with the subject. 10455 Magnolia Blvd, a 2016-built 26-unit in North Hollywood, asks $353,846/unit and $389/SF — above the subject on both metrics at a third of the scale. The Centennial at 10555 Bloomfield St in Toluca Lake, a 2023-built 57-unit, asks $24,000,000 ($421,053/unit) at a 5.29% cap on trailing-twelve income per the Northmarq OM — and carries six affordable units with the building marketed as subject to the LA RSO. The subject undercuts both listings by $17,000–$84,000 per unit and offers a higher going-in yield (5.50% vs the Centennial’s 5.29% ask) while remaining fully RSO-exempt. For a buyer seeking sizable, unrestricted, new-vintage Valley product, the subject is the cleanest option on the market.
| Unit | Type | SF | Rent/Mo | Rent/SF | Status | Notes |
|---|---|---|---|---|---|---|
| 201 | 3 BD / 2 BA | 1,100 | $2,795 | $2.54 | Occupied | Lease to 10/29/2026 |
| 202 | 1 BD / 1 BA · LI | 671 | $925 | $1.38 | Occupied | Income-restricted (LI) |
| 203 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Lease to 08/26/2026 |
| 204 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Lease to 01/16/2027 |
| 205 | 1 BD / 1 BA | 671 | $2,150 | $3.20 | Occupied | Lease to 09/18/2026 |
| 206 | 2 BD / 2 BA | 1,035 | $2,695 | $2.60 | Occupied | Lease to 01/31/2025 |
| 207 | 2 BD / 2 BA | 1,035 | $2,695 | $2.60 | Occupied | Lease to 07/31/2025 |
| 208 | 3 BD / 2 BA | 1,100 | $2,695 | $2.45 | Occupied | Lease to 11/09/2024 |
| 209 | 3 BD / 2 BA | 1,100 | $2,850 | $2.59 | Occupied | Lease to 08/01/2024 |
| 210 | 2 BD / 2 BA | 1,035 | $2,695 | $2.60 | Occupied | Lease to 03/31/2025 |
| 211 | 1 BD / 1 BA | 671 | $1,995 | $2.97 | Occupied | Lease to 07/14/2025 |
| 212 | 1 BD / 1 BA | 671 | $2,125 | $3.17 | Occupied | MTM |
| 213 | 1 BD / 1 BA | 671 | $1,995 | $2.97 | Occupied | Lease to 06/21/2025 |
| 214 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Lease to 08/31/2023 |
| 215 | 1 BD / 1 BA | 671 | $1,995 | $2.97 | Occupied | Lease to 01/01/2024 |
| 216 | 1 BD / 1 BA | 671 | $1,875 | $2.79 | Occupied | Lease to 11/28/2026 |
| 217 | 2 BD / 2 BA | 1,035 | $2,795 | $2.70 | Occupied | Lease to 10/25/2024 |
| 301 | 3 BD / 2 BA | 1,100 | $2,895 | $2.63 | Occupied | Lease to 08/31/2025 |
| 302 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Lease to 06/25/2026 |
| 303 | 1 BD / 1 BA | 671 | $2,175 | $3.24 | Occupied | Lease to 09/02/2023 |
| 304 | 1 BD / 1 BA | 671 | $2,250 | $3.35 | Occupied | Lease to 09/21/2023 |
| 305 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Lease to 03/31/2027 |
| 306 | 2 BD / 2 BA · LI | 1,035 | $1,041 | $1.01 | Occupied | Income-restricted (LI) |
| 307 | 2 BD / 2 BA | 1,035 | $2,795 | $2.70 | Occupied | Lease to 09/12/2025 |
| 308 | 3 BD / 2 BA | 1,100 | — | — | Vacant | Vacant — market rent $2,850/mo |
| 309 | 3 BD / 2 BA | 1,100 | $2,795 | $2.54 | Occupied | Lease to 11/16/2024 |
| 310 | 2 BD / 2 BA | 1,035 | — | — | Vacant | Vacant — market rent $2,500/mo |
| 311 | 1 BD / 1 BA | 671 | $2,175 | $3.24 | Occupied | Lease to 01/31/2026 |
| 312 | 1 BD / 1 BA | 671 | $1,995 | $2.97 | Occupied | Move-out 7/01/26 |
| 313 | 1 BD / 1 BA | 671 | $2,075 | $3.09 | Occupied | Lease to 09/30/2023 |
| 314 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Lease to 02/08/2025 |
| 315 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Lease to 11/30/2023 |
| 316 | 1 BD / 1 BA | 671 | $1,995 | $2.97 | Occupied | Lease to 06/25/2025 |
| 317 | 2 BD / 2 BA | 1,035 | $2,695 | $2.60 | Occupied | Lease to 07/31/2025 |
| 401 | 3 BD / 2 BA | 1,100 | $2,950 | $2.68 | Occupied | Lease to 04/17/2026 |
| 402 | 1 BD / 1 BA | 671 | $2,150 | $3.20 | Occupied | Lease to 01/11/2027 |
| 403 | 1 BD / 1 BA · LI | 671 | — | — | Vacant | Vacant — LI unit, restricted rent $925/mo |
| 404 | 1 BD / 1 BA | 671 | $2,195 | $3.27 | Occupied | Lease to 08/15/2023 |
| 405 | 1 BD / 1 BA | 671 | $2,195 | $3.27 | Occupied | Lease to 08/31/2023 |
| 406 | 2 BD / 2 BA | 1,035 | $2,695 | $2.60 | Occupied | Lease to 09/30/2026 |
| 407 | 2 BD / 2 BA | 1,035 | $2,750 | $2.66 | Occupied | Lease to 01/03/2026 |
| 408 | 3 BD / 2 BA | 1,100 | $2,995 | $2.72 | Occupied | Lease to 11/30/2025 |
| 409 | 3 BD / 2 BA | 1,100 | — | — | Vacant | Vacant — market rent $2,895/mo |
| 410 | 2 BD / 2 BA | 1,035 | $2,595 | $2.51 | Occupied | Lease to 01/31/2027 |
| 411 | 1 BD / 1 BA · LI | 671 | $925 | $1.38 | Occupied | Income-restricted (LI) |
| 412 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Lease to 08/24/2026 |
| 413 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Mgr believes vacated; confirming |
| 414 | 1 BD / 1 BA | 671 | — | — | Vacant | Vacant — market rent $2,245/mo |
| 415 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Lease to 09/19/2025 |
| 416 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Lease to 09/30/2022 |
| 417 | 2 BD / 2 BA | 1,035 | $2,950 | $2.85 | Occupied | Lease to 09/30/2025 |
| PH1 | 3 BD / 2 BA | 1,100 | $2,895 | $2.63 | Occupied | Lease to 10/31/2025 |
| PH2 | 1 BD / 1 BA | 671 | $2,275 | $3.39 | Occupied | Lease to 06/17/2023 |
| PH3 | 1 BD / 1 BA | 671 | — | — | Vacant | Vacant — market rent $2,020/mo |
| PH4 | 1 BD / 1 BA | 671 | $2,250 | $3.35 | Occupied | Lease to 11/30/2025 |
| PH5 | 1 BD / 1 BA | 671 | $2,020 | $3.01 | Occupied | Lease to 12/13/2026 |
| PH6 | 2 BD / 2 BA | 1,035 | $2,850 | $2.75 | Occupied | Lease to 06/30/2026 |
| PH7 | 2 BD / 2 BA | 1,035 | $2,895 | $2.80 | Occupied | Lease to 06/26/2027 |
| PH8 | 3 BD / 2 BA | 1,100 | — | — | Vacant | Vacant — market rent $2,895/mo |
| PH9 | 3 BD / 2 BA | 1,100 | $3,146 | $2.86 | Occupied | Lease to 10/31/2023 |
| PH10 | 2 BD / 2 BA | 1,035 | $2,895 | $2.80 | Occupied | Lease to 12/14/2024 |
| PH11 | 1 BD / 1 BA | 671 | $2,395 | $3.57 | Occupied | Lease to 05/31/2023 |
| PH12 | 1 BD / 1 BA | 671 | $2,195 | $3.27 | Occupied | Lease to 01/24/2026 |
| PH13 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Lease to 06/12/2025 |
| PH14 | 1 BD / 1 BA | 671 | $2,095 | $3.12 | Occupied | Eviction complete; move-out 7/15/26 |
| PH15 | 1 BD / 1 BA | 671 | — | — | Vacant | Vacant — market rent $2,020/mo |
| PH16 | 1 BD / 1 BA | 671 | $2,220 | $3.31 | Occupied | Lease to 04/23/2024 |
| PH17 | 2 BD / 2 BA | 1,035 | $2,864 | $2.77 | Occupied | Lease to 11/19/2023 |
| Total | 68 units | 56,600 | $139,701/mo | $2.47 | 88% occupied | $1,896,609/yr GSR incl. vacants at market |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent [1] | $1,896,609 | $27,891 | $28.39 | - |
| Less: Economic Vacancy (3%) | ($56,898) | ($837) | $0.85 | - |
| Other Income [2] | $72,146 | $1,061 | $1.08 | - |
| Effective Gross Income | $1,911,857 | $28,116 | $28.62 | 100% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [3] | $274,800 | $4,041 | $4.11 | 14.4% |
| Insurance [4] | $51,330 | $755 | $0.77 | 2.7% |
| Water / Sewer / Fire Service [5] | $54,343 | $799 | $0.81 | 2.8% |
| Trash, Gas, Electric & Telecom [5] | $47,386 | $697 | $0.71 | 2.5% |
| Repairs & Maintenance [6] | $34,000 | $500 | $0.51 | 1.8% |
| Contract Services [6] | $38,725 | $569 | $0.58 | 2.0% |
| Management Fee (3.5%) [7] | $66,915 | $984 | $1.00 | 3.5% |
| On-Site Payroll [7] | $60,000 | $882 | $0.90 | 3.1% |
| LAHD / Licenses & Permits [8] | $6,908 | $102 | $0.10 | 0.4% |
| Reserves [9] | $17,000 | $250 | $0.25 | 0.9% |
| Total Operating Expenses | $651,407 | $9,580 | $9.75 | 34.1% |
| Net Operating Income | $1,260,450 | $18,536 | $18.87 | 65.9% |
[1] Gross Scheduled Rent: the 60 occupied units at their actual scheduled rents ($139,701/mo per the 6/30/26 LBPM rent roll) plus the 8 vacant units at LBPM's posted market rents ($18,350/mo), annualized. LI units carried at restricted rents only.
[2] Other Income: trailing-six-month actuals annualized — RUBS utility reimbursements ($50,881), parking ($13,140), pet rent ($2,520), and fees/recoveries ($5,605).
[3] Real Estate Taxes: LA County reassesses to the purchase price at close. Shown at 1.2% of the recommended list price. (Current roll: $22.9M AV — reassessment at the recommended price is essentially tax-neutral.)
[4] Insurance: trailing actuals annualized — building, general liability, and workers' comp per the LBPM statements.
[5] Utilities: trailing actuals annualized (LADWP, SoCalGas, Waste Management, Spectrum). Offset by ~$51K of RUBS recovery in Other Income.
[6] R&M / Contract Services: R&M underwritten at $500/unit/yr, the standard tier for 2020 construction. Contract Services = trailing actuals for elevator (Otis), janitorial, landscape, pest, and fire-safety contracts.
[7] Management & Payroll: management modeled at 3.5% of EGI (LBPM actual: 3.65% of collections); on-site payroll normalized to $60,000/yr for a single on-site manager. Seller’s trailing statements carry ~$126K of staffing (salaries, payroll taxes, ACA, processing, and resident-manager credit); buyer to set its own staffing plan.
[8] LAHD / Licenses: annual registration and permit fees per the trailing statements (billed in H1; not doubled).
[9] Reserves: $250/unit for a 2020 build.
Income and expenses derive from the owner's LBPM-prepared June 2026 rent roll, income statement, and trial balance. Buyer to verify all figures in due diligence.
| Operating Data | |
|---|---|
| Price | $22,900,000 |
| Down Payment | $9,160,000 (40%) |
| Number of Units | 68 |
| Price / Unit | $336,765 |
| Price / SF | $343 |
| Gross SF | 66,796 |
| Year Built | 2020 |
| Returns (Reassessed) | |
|---|---|
| Cap Rate | 5.50% |
| GRM | 12.07x |
| Cash-on-Cash | 2.97% |
| DSCR | 1.27x |
| Financing | |
|---|---|
| Loan Amount | $13,740,000 |
| Rate / Amort | 6.00% / 30yr |
| Loan Constant | 7.19% |
| LTV (actual) | 60.0% |
| Constraint | LTV |
| Income | |
|---|---|
| Gross Scheduled Rent | $1,896,609 |
| Less Vacancy (3%) | ($56,898) |
| Other Income | $72,146 |
| Effective Gross Income | $1,911,857 |
| Operating Expenses | ($651,407) |
| Net Operating Income | $1,260,450 |
| Cash Flow | |
|---|---|
| Net Operating Income | $1,260,450 |
| Debt Service | ($988,593) |
| Net Cash Flow | $271,857 |
| Cash-on-Cash | 2.97% |
| + Principal Reduction | $168,785 |
| Total Return | 4.81% |
| Expense Ratio | |
|---|---|
| OpEx / EGI | 34.1% |
| OpEx / Unit | $9,580 |
| OpEx / SF | $9.75 |
| Purchase Price | Cap Rate | Cash-on-Cash | $/Unit | $/SF | GRM | DSCR |
|---|---|---|---|---|---|---|
| $24,150,000 | 5.16% | 2.13% | $355,147 | $362 | 12.73x | 1.20x |
| $23,900,000 | 5.22% | 2.27% | $351,471 | $358 | 12.60x | 1.21x |
| $23,650,000 | 5.29% | 2.44% | $347,794 | $354 | 12.47x | 1.23x |
| $23,400,000 | 5.36% | 2.61% | $344,118 | $350 | 12.34x | 1.24x |
| $23,150,000 | 5.43% | 2.79% | $340,441 | $347 | 12.21x | 1.26x |
| $22,900,000 | 5.50% | 2.97% | $336,765 | $343 | 12.07x | 1.27x |
| $22,650,000 | 5.58% | 3.15% | $333,088 | $339 | 11.94x | 1.29x |
| $22,400,000 | 5.65% | 3.34% | $329,412 | $335 | 11.81x | 1.31x |
| $22,150,000 | 5.73% | 3.54% | $325,735 | $332 | 11.68x | 1.33x |
| $21,900,000 | 5.81% | 3.73% | $322,059 | $328 | 11.55x | 1.35x |
| $21,650,000 | 5.89% | 3.94% | $318,382 | $324 | 11.42x | 1.36x |
The recommendation reconciles three independent lenses. On a per-unit basis, $336,765 sits at the floor of the post-2010 comp band ($327,586–$538,462/unit) and 32% below the sold-comp median of $495,000 — a deliberate discount for the Van Nuys location and in-place lease-up work. On price-per-SF, $343 is a 7% discount to the sold-comp median of $367 and below the $389/SF ask of the nearest competing new-vintage listing (10455 Magnolia Blvd), despite the subject being newer than all but one property in either set. And on yield, the 5.50% going-in cap — underwritten with reassessed taxes, market management, and normalized on-site staffing — offers buyers a premium to what newer Encino and Glendale product commanded (implied low-4s to low-5s), compensating for submarket and occupancy.
The price is set to clear within an industry-standard 60-90 day marketing window. With the eight vacants leased at posted market rents the buyer's stabilized cap approaches 5.75% — the "heads I win" case that drives competitive bidding on lease-up stories.